CEDARHURST, N.Y.--(BUSINESS WIRE)--Postal Realty Trust, Inc. (NYSE: PSTL) (the “Company”), an internally managed real estate investment trust that owns properties leased to the United States Postal Service (“USPS”), announced the completion of an amendment to its revolving line of credit. The amendment allows additional properties to be eligible to the borrowing base and provides additional flexibility to access funding by increasing the advance rate of the borrowing base.
Andrew Spodek, Chief Executive Officer commented, “The ability to expand Postal Realty Trust’s access to capital in a market challenged by COVID-19 underscores the confidence of our lenders in the strength and reliability of our business model. Our acquisition pipeline remains robust and we continue to source investment opportunities in our targeted 7 to 9 percent cap rate range. The modification to our revolver enhances our ability to continue to execute on our growth plan and our consolidation strategy.”
The Company and its lending group, led by People’s United Bank, National Association, finalized an amendment to the Company’s credit facility that increases the properties eligible to be included in the borrowing base and increased the advance rate of the borrowing base from 50% to 60%. The amendment to the facility was filed with the Company’s 10-Q for the quarter ended March 31, 2020 on June 26, 2020.
Forward-Looking and Cautionary Statements
This press release contains “forward-looking statements.” Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including, among others, statements regarding the Company’s ability to obtain financing, the Company’s expected capitalization rates and the Company’s ability to close on pending transactions on the terms or timing it expects, if at all, are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, disruption in market, economic and financial conditions as a result of the ongoing COVID-19 pandemic, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
About Postal Realty Trust, Inc.
Postal Realty Trust, Inc. is an internally managed real estate investment trust that owns properties leased to the USPS. The Company believes it is one of the largest owners and managers measured by net leasable square footage of properties that are leased to the USPS.